Comex August gold futures are slightly weaker heading into Monday’s New York trade, but the yellow metal continues to consolidate within recent ranges.
Traders should brace for a potentially big move this week. There is an old market adage: “the longer a market coils, the longer and stronger the breakout is once it occurs.” Gold has been coiling or consolidating in recent weeks and this week’s Fed meeting has the potential to ignite some fireworks.
The main event this week will be this week’s U.S. Federal Open Market Committee (FOMC) meeting. The meeting summary is slated for release Wednesday, with Fed Chairman Ben Bernanke speaking in a press conference to follow.
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